Supply and Demand Worksheet PDF

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Supply and Demand Worksheet...

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SUPPLY & DEMAND WORKSHEET 1. Create a demand graph using the following table of values

PRICE 10 20 30 40 50 60 70

QUANTITY 500 450 400 350 300 250 200

2. Create a supply graph using the following table of values: PRICE 10 20 30 40 50 60 70

QUANTITY 200 250 300 350 400 450 500

3. Using the graphs above, what is the quantity demanded if the price is PHP10?

500 pieces

4. Using the graphs above, what would be the quantity demanded at a price of PHP80? 150 pieces . Why is the demand at PHP80 lower than it is at PHP10? 80 pesos is more expensive than 10 pesos thus, making fewer people want to buy the product which makes the producer want to make less. Fewer people would buy the product one the product is too expensive. Law of demand states that the higher the price, the lower the quantity demanded. 5. Create a graph by plotting the quantities both tables above into the graph below. Make the demand quantity plots one color and the supply quantity plots another color. After your plots are done, connect the lines and be sure to make the demand and supply lines different colors. At which point do the two lines intersect? What is the price of this intersection. The two lines intersect at 350 pieces, sold at 40 pesos (350, 40). This is the point of equilibrium between the supply of the product and the demand of the product....